US Senators brings bill to limit Trump's tariff power, needs Cong approval

Two senior lawmakers on the Senate Finance Committee introduced legislation on Thursday seeking to rein in U.S. President Donald Trump's ability to impose tariffs and would require congressional approval for new levies within 60 days. 

Republican Senator Chuck Grassley and Democrat Maria Cantwell introduced legislation that would require the president to notify Congress on new tariffs with an explanation of the rationale, including an analysis of the potential impact on U.S. businesses and consumers. 

Congress would need to pass a joint resolution of approval on the new tariff within 60 days. Otherwise all new tariffs on imports would expire. 

"This bill reasserts Congress's role over trade policy to ensure rules-based trade policies are transparent, consistent, and benefit the American public," Cantwell said. "As representatives of the American people, Congress has a duty to stop actions that will cause them harm." Trump invoked emergency authority on Wednesday to impose sweeping tariffs on U.S. imports, sparking an escalating trade war that threatens to shake up global alliances.

  The tariffs unleashed turbulence across world markets and drew condemnation from other leaders facing the end of an era of trade liberalization that has shaped the global order for decades. 

The bill is modeled on the War Powers Resolution of 1973 and would reestablish limits on the president’s ability to impose unilateral tariffs without approval from Congress. 

"For too long, Congress has delegated its clear authority to regulate interstate and foreign commerce to the executive branch," Grassley said. 

Grassley's home state of Iowa is heavily dependent on farm crop exports, while Cantwell's Washington state is home to many export-heavy companies like Boeing.

 

The Senate passed legislation on Wednesday that would terminate new tariffs on Canada.  (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)